Credit Union Times Magazine January 23, 2013

Featured Story

While Fiserv Inc.’s purchase of Open Solutions Inc. marked the end of an era, it also sparked conversation about how the financial services technology giant will handle the addition of another handful of core account processing platforms to its portfolio.

Featured Story

As credit unions hunker down in defense of their federal tax exemption, the industry does have one thing in its favor. There are no known enemies among leadership on the House Ways and Means or Senate Finance Committees.

Front Page News

Because credit unions already generally abide by new final qualified mortgage and ability-to-repay rules released Jan. 10 by the Consumer Financial Protection Bureau, the most difficult compliance burden will be to document the process, said John Bundy, compliance manager for CUNA Mutual.

The out-of-the-blue October closure of Pano Logic, a Redwood City, Calif.-based provider of virtual end user systems, shocked its clients, which included at least three credit unions–the $3.4 billion Redstone Federal Credit Union of Huntsville, Ala.; the $701 million Vantage Credit Union of Bridgeton, Mo.; and the $1.35 billion Central...

News

The Discover card brand is moving forward with an effort to reintroduce a signature debit card into a market that is still experiencing a period of turbulence after the adoption of new federal regulations.

Editor-in-Chief's Column

You’re sitting at your desk, poring over spreadsheet after spreadsheet, making correlations, drawing conclusions and often coming up with more questions than answers. Reports flow in on new vendor possibilities and issues with existing ones that require you to analyze and determine the best course of action. Many tangible matters...

People Feature

For Rebecca Reynolds Lytle, senior vice president of lending at San Francisco Federal Credit Union, truly effective leadership boils down to doing the right thing and treating others as you would like to be treated.

Tech Bytes

After 30 years in business, the Fairfax, Va.-based core data processing system provider FedComp Inc. made the decision to move the 130 credit unions using its Internet banking product VirtualCU onto the Boise, Idaho-based Database Management Services’ more modern HomeCU. That’s left FedComp to put more resources into its flagship...

Q&A

Acting as primary sponsor for supplemental capital legislation and co-sponsoring every credit union bill that crosses his desk, Congressman Brad Sherman (D-Calif.) has long been a supporter of credit unions.

Usury is pernicious at best, but government-endorsed usury lite helping people in dire financial straits is flat out repugnant. There is just no justification for participation in this vile activity. Government sanctioned usury lite is still hurtful to the downtrodden. There is never a valid reason to do the wrong...

In support of its governmental affairs and regulatory work, the Virginia Credit Union League is relocating key members of its staff to a newly purchased office building just two blocks from Capitol Square in downtown Richmond.

An increasing number of executives are pessimistic about the 2013 outlook for their credit unions because of more regulations, low interest rates and a weak economic recovery, according to a Web survey of 271 credit union leaders by Abound Resources, an Austin, Texas-based management consulting firm.

1st MidAmerica Credit Union announced that President/CEO Don Reedy will retire at the end of May this year, ending a 35-year career with the organization. The 1st MidAmerica board of directors has selected EVP/Chief Operating Officer Alan Meyer to be Reedy’s successor, effective June 1.